PRODUCT: FloodFlash

COMPANIES: Lloyd's of London; Munich Re.

BEST RATING: A

AVAILABILITY: Available on an open-brokerage basis.

FOCUS: FloodFlash estimates there were $58 billion in unprotected flood losses each year. Through its parametric insurance product, FloodFlash aims to close the gap for businesses without flood coverage or that have coverage with large deductibles in place. The London-based insurer aims to reduce other coverage gaps, including business interruption, code enhancements and excess coverage in addition to National Flood Insurance Program (NFIP) coverage.

COVERAGE DETAILS: FloodFlash is a form of parametric insurance. The tech-based approach uses set parameters to define the coverage. Clients choose up to three trigger depths for the cover and corresponding payout amounts. FloodFlash then installs a smart sensor at the insured property. When flood water reaches the client's chosen depth, the claims process begins.

“The sensor powers every policy, helps keep claim costs and times down and gives clients a sense that their property is protected," says Mark Hara, CEO North America, FloodFlash. “The product is designed to add to the options that agents and brokers have. FloodFlash can provide excess cover, fill deductibles or cover the full flood risk."

UNDERWRITING: The FloodFlash underwriting department has rated every single property in the U.S. Brokers can request a quote without submitting flood zone, first-floor height and other data that private insurers might require. The only information needed to provide a quote is the property location, flood history and detail on any construction projects.

TARGET: Businesses that need more than the $500,000 limits that NFIP policies provide are one target. Another is businesses that need coverage for business interruption or things not included in the flood program, such as vehicles, external losses or personal property.

COVERAGE AVAILABILITY: FloodFlash is available to businesses of any size in CA, FL, TX, LA and VA and across the U.S. with some restrictions. Brokers looking for coverage outside the states mentioned should contact FloodFlash for more information.

CONTACT: Mark Hara, CEO North America, FloodFlash; mark@floodflash.co.

Will Jones is IA editor-in-chief.